Crude oil prices to find support in the range of 6,370 – 6,380 levels. Trading consistently below 6,370 levels would lead towards the strong support at 6,280 levels and then finally towards the major support at 6,200 levels.
MCX Crude oil July as seen in the weekly chart above has opened the week at 6,403 levels and prices made a high of 6,468 levels. During this week price corrected lower towards down and made a low of 6,343 levels but, at the end of the week as expected prices could not able to sustain on support zone 6340 – 6330 levels and bounce back towards the weekly high of 6,468 levels and finally closed 1.19% higher at 6,460 levels. This week prices have closed at highest levels in last 2 months. As per the candlestick pattern prices have formed a “Bullish Candlestick Pattern” which represents the bullish trend for coming trading session.
For the next week we expect Crude oil prices to find support in the range of 6,370 – 6,380 levels. Trading consistently below 6,370 levels would lead towards the strong support at 6,280 levels and then finally towards the major support at 6,200 levels.
Resistance is now observed in the range of 6,550-6,560 levels. Trading consistently above 6,560 levels would lead the rally towards the strong resistance at 6,630 levels, and then finally towards the major resistance at 6,700 levels.
MCX / NYMEX Crude Oil Trading levels for the week
Trend: Up
S1 – 6,370 / $ 105.70 R1 – 6,550 / $ 108.70
S2 – 6,280 / $ 104.20 R2 – 6,630/ $ 110
Weekly Recommendation: Buy MCX Crude Oil July between 6370 – 6380, SL- 6280, Target – 6550 / 6600